Pet tech refers to products and technologies designed to enhance the care, comfort, and well-being of pets, as well as the convenience of pet owners. These products incorporate innovative technologies and features to provide solutions for improving the health, well-being, and overall experience of pets.
Sizing and Forecast
The pet tech market size has grown rapidly in recent years. It will grow from $5.24 billion in 2023 to $6.28 billion in 2024 at a compound annual growth rate (CAGR) of 19.8%. The growth in the historic period can be attributed to increased pet ownership, rise of e-commerce in pet products, increased focus on pet health and wellness, urbanization and busy lifestyles, humanization of pets.
The pet tech market size is expected to see rapid growth in the next few years. It will grow to $12.02 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%. The growth in the forecast period can be attributed to ai and machine learning integration, telehealth services for pets, expansion of smart pet home ecosystems, environmental and sustainability focus, customized nutrition solutions. Major trends in the forecast period include collaborations with pet industry experts, advancements in wearable technology, smart feeding solutions, pet identification and tracking, telehealth and remote veterinary services.
Order your report now for swift delivery, visit the link:
https://www.thebusinessresearchcompany.com/report/pet-tech-global-market-report
Segmentation & Regional Insights
The pet tech market covered in this report is segmented –
1) By Type: Radio Frequency Identification (RFID), Global Positioning System (GPS), Sensors, Other Types
2) By Distribution Channel: Offline, Online
3) By Application: Identification And Tracking, Behavior Monitoring And Control, Facilitation, Safety And Security, Medical Diagnosis And Treatment
4) By End Use: Commercial, Household
North America was the largest region in the pet tech market in 2023. The regions covered in the pet tech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Intrigued to explore the contents? Secure your hands-on a free sample copy of the report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=13507&type=smp
Major Driver Impacting Market Growth
The increasing adoption of pets is expected to propel the growth of the pet tech market going forward. Pet adoption refers to the process of transferring responsibility for a pet that was previously owned by another party. Pet tech products are used by pets owners to enhance the well-being, health, safety, and overall experience of both pets and their owners. For instance, in January 2023, according to the Petfood Industry, a US-based resource for professionals in the pet food and treat manufacturing industry, dog adoption numbers increased from 393,712 in 2021 to 398,477 in 2022, an increase of approximately 1.2% over the previous year. Furthermore, U.S. residents adopted approximately 2% more cats than in the previous year, rising to 539,015 in 2022. Therefore, the increase in the adoption of pets is driving the growth of the pet tech market.
Key Industry Players
Major companies operating in the pet tech market report are Garmin Ltd, GoPro, Loc8tor Ltd , Nedap NV, Datamars , Tractive, Wag Inc, Invisible Fence , Scollar Inc, Avid Identification Systems Inc , DOGVACAY, PetPace LLC , Allflex Group, CleverPet, Petcube Inc, Konectera, Whistle Labs Inc, Furbo, iFetch LLC, Dogtra, IceRobotics, Fitbark, Link AKC , Pawscout Inc, Invoxia, Felcana, Actijoy Solution, Powbo Inc, All Home Robotics</b
The pet tech market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
.
.
.
27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
Explore the trending research reports from TBRC:
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
